Inflation in Czech Republic
Consumer price inflation in the Czech Republic averaged 3.2% in the ten years to 2022, below the Eastern Europe regional average of 7.7%. The 2022 average figure was 15.1%. For more inflation information, visit our dedicated page.
Czech Republic Inflation Chart
Czech Republic Inflation Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 2.1 | 2.8 | 3.2 | 3.8 | 15.1 |
Inflation (CPI, ann. var. %, eop) | 2.0 | 3.2 | 2.3 | 6.6 | 15.8 |
Inflation (HICP, ann. var. %, aop) | 2.0 | 2.6 | 3.3 | 3.3 | 14.8 |
Inflation (PPI, ann. var. %, aop) | 2.0 | 2.6 | 0.1 | 7.1 | 24.3 |
Inflation falls to over five-year low in March
Inflation was stable at February's 2.0% in March. March's figure represented the weakest inflation rate since April 2018. Looking at the details of the release, the change in prices for housing and utilities was largely steady in March. Prices for food and non-alcoholic beverages rose at a broadly steady pace compared to the previous month's reading. Moreover, prices for recreation and culture grew at a more subdued pace. The trend pointed down, with annual average inflation coming in at 7.1% in March (February: 8.2%). Finally, consumer prices increased 0.13% from the previous month in March, below the 0.27% increase recorded in February.
Commenting on the release, ING’s Frantisek Taborsky stated: “March inflation data confirms that inflationary pressures are slowing further in the Czech Republic. However, core inflation may not be slowing as we would have expected. In turn, this will lead the CNB to continue with cautious rate cuts, even though we expect inflation to fall further below the central bank’s target over the coming months”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Czech inflation projections for the next ten years from a panel of 35 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Czech inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Czech inflation projections.
Want to get access to the full dataset of Czech inflation forecasts? Send an email to info@focus-economics.com.
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